Tuesday, July 5, 2011

5 Tips for Buying a Second Home on Deep Creek Lake!

We’re coming off of a great holiday weekend, and for many of you, that meant enjoying all the festivities on Deep Creek Lake! Whether you were just visiting for the weekend, or have a permanent residence in beautiful Garrett County, I hope you were able to experience the rich lifestyle that Deep Creek Lake offers.

In working with the Deep Creek Lake Real Estate market for many years, I know that even just a weekend spent on Deep Creek Lake can have you envisioning yourself in one of the beautiful homes that surround the lake! However, buying a second home is also a large investment and you’ll want to make sure you’re completely prepared. Below are five great tips to ensure you’re making the best decision when buying a second home. Take a look!

2. Weigh the Pros and Cons- If you like something, don’t make any rash decisions. While it can be tempting to make a quick decision if you’re only visiting for a weekend, taking a few days to really consider the purchase will help ensure you’ve made the best decision.

3. Ask Yourself the Right Questions:

- How often will you visit and how much time will you spend there?

- Is it worth the money?

- What will the price appreciation be, realistically?

- How much will you have to pay every year for landscaping, association fees and taxes?

4. Don’t Try to Play the Market- Home prices across the nation are some of the lowest that we’ve seen in a long time, so you’re bound to find a great deal. As the market continues to improve, home prices will only increase. Don’t wait!

5. Compare Mortgage Products- While the loan standards and rates are nearly the same for first and second homes, there can be unexpected changes if the lender considers your purchase an investment property. Your interest rate could be pushed up 1.5 to 2 percentage points, so be aware and plan accordingly. Oftentimes buyers will use the equity on their first home to make a down payment for their second home. You’ll want to think through the best option for you, or talk with your Deep Creek Lake Real Estate agent about any other options.